Personal Finance

How old were you when you opened your first bank account? How much did you deposit?

  • Last Updated:
  • Jul 3rd, 2015 11:50 pm
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Newbie
Jul 14, 2014
82 posts
New Westminster, BC

How old were you when you opened your first bank account? How much did you deposit?

I opened my first account when I was 3 years old and deposited $15.

I still use the same account as my main account today.

I saved all my old bank books, too - it's fun looking back at them. I was earning more interest when I was 3 than you earn historically in the stock market ~15%. Weird times!
7 replies
Deal Addict
Jan 2, 2015
1633 posts
638 upvotes
Toronto, ON
I don't even recall. I know it was before I went to university, because the account was already open and able to receive RESP payments, student loans and the like at the time.
Deal Addict
Mar 10, 2011
2513 posts
698 upvotes
Toronto
10 years old and it was opened with 2 bucks.
Deal Fanatic
User avatar
May 11, 2014
5774 posts
7796 upvotes
Rankin Inlet, NU
I was 3 days old. My father opened my bank account for me. In my small prairie town, I was the 2nd child born that year, so the local Scotiabank branch offer my parents a free $25 deposit for my first bank account. Today, that account is my chequing account. When I was 11, my friend and I would go around town, picking up bottles and cans, taking it in to the bottle depot, splitting the 65 cents, $1.20 we got and I would take my share to the bank account. He would buy the nickel candy at the convenience store.

I used to feel an almost emotional attachment to this account, but these days especially with no passbooks and the fact that fees are high and interest is low, I'm considering ditching it.
Deal Addict
User avatar
Feb 25, 2014
2170 posts
341 upvotes
Mississauga
Opened my first chequing account when I was 15 with my dad at PCF. Did not deposit anything until I started working.
Oh sada kehra bapu karda black nee, Jehra tere shahir (Toronto), Le lawan flat nee
Deal Addict
Aug 31, 2014
1505 posts
560 upvotes
YVR, BC
I think before the interweb it was a right of passage to open a account in person for your child......depositing an allowance in person, when the parents did the Saturday morning banking.

In today's reality? I opened Tangerine accounts for my kids online when they were 8.....any money they receive from birthdays/gifts goes to me and then a e-transfer to their Tangerine accounts. I think around age 15 I will permit them to have debit cards and self manage their accounts etc.

I doubt they will ever see the inside of a bank?
Deal Guru
Oct 3, 2006
10472 posts
790 upvotes
Toronto
Sometime in JHS (13-15). Don't remember how much I deposited.
Sr. Member
Mar 3, 2015
699 posts
95 upvotes
Scarborough, ON
opened when i was 18 yr old, deposit was $700 @ td canada trust sherbourne-bloor east but closed this yr for pcf.

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